SHORT HILLS, NJ, May 8, 2002--Reckson Associates Realty Corp., the largest owners, managers and developers of Class A office and industrial properties in the New York Tri-State area, has announced that D&B has leased the entire 103 JFK Parkway property at the Reckson Office Center at Short Hills, NJ. D&B, which previously communicated it would be relocating from its Murray Hill, NJ facility, will utilize the 123,000 square foot building as its new corporate headquarters. D&B will be the first tenant in the newly repositioned building, following the facility's recently completed extensive renovation.

We are pleased to welcome D&B to Reckson Office Center at Short Hills and plan to develop a strong business partnership by providing a high level of service excellence, states Todd Rechler, Senior Vice President and Managing Director of Reckson's New Jersey Division. This transaction clearly affirms our repositioning strategy for both 101 and 103 JFK Parkway, bringing about a 100% occupancy for 103 well within our original projected lease-up schedule. This is a great vote of confidence in our ability to attract tenants and a validation of Reckson Associates' bullish outlook on the state's economy, Rechler concludes.

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John Sarkisian, Senior Managing Director; Robert Rudin, Executive Managing Director; and Sam Buckley, Managing Director of Insignia/ESG, Inc. represented D&B in this lease transaction.

Robert Rudin, Insignia/ESG, commented, Reckson's Short Hills property was a good fit for D&B, offering an ideal corporate headquarters and work environment for their team members and providing a continued platform for growth and success. The key selling points for D&B were the high quality of the repositioning of the building and the property's exceptional location.

101 and 103 JFK Parkway are part of the award-winning, 570,000 square foot Reckson Office Center at Short Hills. The multi-million dollar capital improvement program was initiated at 101 and 103 JFK Parkway to reposition these properties that attract and retain the most discriminating corporate tenants.

The centerpiece of the renovation program at 101 and 103 JFK Parkway included a dramatic new plaza with a beautifully landscaped courtyard with stone-paved walkways, which greatly enhances the area between the two buildings, creating a park-like setting. A double-height, glass entry lobby with dramatic French limestone and wood veneer are the dominant features of this common area. The renovation also included new state-of-the-art mechanical systems with direct HVAC control, expanded covered on-site parking and new elevator cabs. With the entire renovation at 103 JFK Parkway completed, a similar repositioning at 101 JFK Parkway will begin in 2003 at the expiration of the American Express lease.

101 and 103 JFK Parkway at the Reckson Office Center at Short Hills are recognized as two of the premier office buildings in the prestigious Short Hills marketplace. Both facilities are situated across from the prestigious Mall at Short Hills and next to the five-star Short Hills Hilton. Strategically located at the interchange of Route 24, 101 and 103 JFK Parkway are minutes from the Garden State Parkway, I-78 and Route 287. Newark Airport, as well as the Holland and Lincoln Tunnels are within 20 minutes drive. NJ Transit train service is minutes away.

Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust (REIT) specializing in the acquisition, leasing, financing, management and development of office and industrial properties.

Reckson's core growth strategy is focused on the markets surrounding and including New York City. The Company is one of the largest publicly traded owners, managers and developers of Class A office and industrial properties in the New York Tri-State area, with 181 properties comprised of approximately 20.6 million square feet either owned or controlled. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com

Certain matters discussed herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in such forward-looking statements are based on reasonable assumptions, forward-looking statements are not guarantees of results and no assurance can be given that the expected results will be delivered. Such forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those expected. Among those risks, trends and uncertainties are the general economic climate, including the conditions affecting industries in which our principal tenants compete; changes in the supply of and demand for office and industrial properties in the New York Tri-State area; changes in interest rate levels; downturns in rental rate levels in our markets and our ability to lease or release space in a timely manner at current or anticipated rental rate levels; the availability of financing to us or our tenants; changes in operating costs, including utility costs; repayment of debt owed to the Company by third parties (including FrontLine Capital Group); risks associated with joint ventures; and other risks associated with the development and acquisition of properties, including risks that development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors that could impact Reckson, reference is made to Reckson's filings with the Securities and Exchange Commission. Reckson is subject to the reporting requirements of the Securities and Exchange Commission and undertakes no responsibility to update or supplement information contained in this press release that subsequently becomes untrue. the Securities and Exchange Commission and undertakes no responsibility to update or supplement information contained in this press release that subsequently becomes untrue.

Contact:

Todd Rechler
Senior Vice President and Managing Director,
New Jersey Division
(973) 313-3300

Mitchell Rechler
Co-President, Reckson Associates
(631) 694-6900